THE General Insurance Standards Council, which is replacing the Insurance Brokers Registration Council, will cost travel agents money or business, Kitts Travel managing director Chris Turner warned.
The role of the GISC is being discussed now by leading insurance bodies. Turner said the suggestion is that everyone who sells insurance might have to register as an intermediary, which will be an additional cost for travel agents.
Alternatively, insurers might have to bond or guarantee the agent they sell through. “What concerns me is that where we do a small amount of business for an insurer, maybe selling just 10 policies a year, that company will not want to bond us,” said Turner.
“The long-term implications are worrying as both insurer and agent will lose out,” he added. “And this will attack ABTA’s efforts at lobbying against the two-tier insurance premium tax.”
“We have go to get our act together and make decent representation.”